Most parents are teaching their kids about money, shows research from Chase

Monday 13 December 2021 09:59 CET | News

US-based bank Chase has commissioned new research about financial health, revealing that more than 70% of US parents are regularly discussing financial topics with their children.

The new Chase Financial Health Study, conducted in partnership with Morning Consult, surveyed more than 4,000 adults on the state of their finances, attitudes towards talking to their kids about saving and budgeting, and actions they plan to take in the New Year to improve their financial health. The survey polled parents of kids ages 17 and under.

Conversations amongst parents and kids ages 17 and younger about finances have shown that:

  • 70% of parents are currently teaching their children about the basics of finances;

  • 62% of parents talk about their family’s own financial situation, which may include their ability to purchase certain things, take a family trip or participate in extracurricular activities;

  • 66% of parents cited they are helping their child plan their financial future, which may include things like setting up a bank account, saving money for major purchases and career expenses;

  • Among parents having regular financial conversations with their children, teaching kids about saving was the top family-related financial goal for 2022 (32%), followed by talking with kids more about finances generally (26%).

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Keywords: research, Chase, financial inclusion, investment
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce